The underdrive pulleys do serve a purpose. They are not for everyone as has been stated, but for some people, they are ideal. Ford has to make these trucks capable from the factory for virtually every climate area, from the northern states to the heat of the south. Grandma drives them, contractors use them for loads beyond their stated capacity. Grandma wants the steering to be easy, contractors want them to tow heavy loads and idle for hours on end without overheating. They have to be able to drive in the heat of the desert, with heavy electrical loads, some models came with larger tires, etc. The system is designed with every contingency in mind to fit a wide range of uses.
For what I use my Ranger for, they are perfect. I use my truck for daily driving and light towing only. I installed the alternator overdrive pulley to bring the alternator speed back to stock. I have noticed no ill effects when turning even at idle when stopped, the A/C still blows cold, the temperature gauge has never moved above where it sat before. I gained 2-3 MPG from the pulleys which I spent $120 on. Its a no brainier at $4 a gallon plus. If i were towing heavy loads, using the truck for delivery service or other things like that, they wouldn't be useful. I'd wager the average drive would never know the difference if they were installed except for increased economy and power.